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Private Equity in Finland 2009 (Preliminary report)
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Transcript of Private Equity in Finland 2009 (Preliminary report)
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
The Finnish Venture Capital Association
Private Equity in Finland2009
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Methodology
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
• The following preliminary statistics describing the Finnish private equity industry are based on information received from PEREP_Analytics -private equity database
– A fully functional, centralised non-commercial pan-European private equity database
– With its own staff, internal resources and webportal– Information is collected via an online survey and complemented with
public sources of information
• Figures are updated continuously and are therefore subject to change
Methodology
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
• The following national private equity associations are participating in PEREP_Analytics:
Methodology
APCRI (Portugal)AVCO (Austria)BVA (Belgium)BVK (Germany)CVCA (the Czech Republic)CVCA (Kroatia)DVCA (Denmark)EstVCA (Estonia)EVCA (Europe)FVCA (Finland)
HVCA (Hungary)IVCA (Ireland)NVCA (Norway)NVP (the Netherlands)PPEA (Poland)SECA (Switzerland)SEEPEA (South Eastern Europe)SLOVCA (Slovakia)SVCA (Sweden)
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
• Investments are aggregated via two methods – industry statistics and market statistics
Industry statistics
– By country of private equity firm
– Investments and divestments made by Finnish private equity firms to Finland and abroad
Market statistics
– By the location of the portfolio company
– Investments and divestments to Finnish portfolio companies made by domestic and foreign private equity firms
Methodology
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
• Stage definitions (investment tables)
Methodology
Seed Seed
Start-up Start-up, Other early stage
Later stage venture Later stage venture, Bridge financing
Growth Growth
Rescue/Turnaround Rescue/Turnaround
Replacement CapitalSecondary purchase/Replacement capital, Refinancing bank debt
BuyoutsManagement buyout (MBO), Management buyin (MBI), Public to Private, Other PIPE, Other leveraged buyout
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Statistics- Private Equity in Finland 2009 -
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Independent Funds Raised 1996 – 2009
Source: PEREP Analytics, FVCA
Note: Independent Funds Raised = Total Funds Raised – Realised Capital Gains – Amount Raised by Captives
194297 319
640548
321
657
117186
542
434
989908
164
0
200
400
600
800
1000
1200
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
M€
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Total Investments1996 – 2009 (industry)
Source: PEREP Analytics, FVCAIndustry statistics = by country of private equity firm
84136 192
285
397340 391 328 369 313 350
877
360 362137205
265325
418 449 462 435419 423
458 468406 350
0
100
200
300
400
500
600
700
800
900
1000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
M€ Nbr
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Investments1996 – 2009 (industry)
Source: PEREP Analytics, FVCAIndustry statistics = by country of private equity firm
Before2008: Venture = Seed, Start-up, Expansion, Rescue/Turnaround, Buyout= Replacement capital, Buyouts
Year 2008 and 2009: Venture = Seed, Start-up, Later stage venture, Buyout = Rescue/Turnaround, Replacement capital, Growth, Buyouts
4099 119
177262 287
261192 215 188 248
374
117 824437
73108
135 53 130136 154
125102
503
243 280117
166226
288
375 413 433399 370 373
414 407
313 257
20 39 39
37 43 36 29 36 49 50 44 6193 93
0
100
200
300
400
500
600
700
800
900
1000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Venture (M€) Buyout (M€) Venture (Nbr) Buyout (Nbr)
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Quarterly InvestmentsQ1/2006 – Q4/2009 (industry)
Source: PEREP Analytics, FVCAIndustry statistics = by country of private equity firm
Before2008: Venture = Seed, Start-up, Expansion, Rescue/Turnaround, Buyout= Replacement capital, Buyouts
Year 2008 and 2009: Venture = Seed, Start-up, Later stage venture, Buyout = Rescue/Turnaround, Replacement capital, Growth, Buyouts
Quarter
M€ Nbr M€ Nbr
Q4/2009 29 81 68 31
Q3/2009 12 50 165 24
Q2/2009 14 52 25 20
Q1/2009 27 74 21 18
Q4/2008 45 106 85 21
Q3/2008 13 50 64 19
Q2/2008 30 94 57 29
Q1/2008 30 63 37 24
Q4/2007 59 119 26 17
Q3/2007 150 76 221 17
Q2/2007 135 112 163 6
Q1/2007 30 100 93 21
Q4/2006 85 109 35 12
Q3/2006 43 105 5 5
Q2/2006 67 101 40 14
Q1/2006 54 99 22 13
Venture Capital Buyout
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Investment Amounts by Investment Stage2009 (industry)
Source: PEREP Analytics, FVCAIndustry statistics = by country of private equity firm
Seed3 % Start-up
12 %
Later Stage Venture
8 %
Growth5 %
Buyout23 %
Replacement Capital
42 %
Rescue / Turnaround
7 %
362 M€2009
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Number of Investments by Investment Stage2009 (industry)
Source: PEREP Analytics, FVCAIndustry statistics = by country of private equity firm
Seed23 %
Start-up40 %
Later Stage Venture
11 %
Growth4 %
Buyout12 %
Replacement Capital
6 %
Rescue / Turnaround
4 %Nbr 350
2009
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Distribution of Investment Amounts by Investor Type 2009 (industry)
Source: PEREP Analytics, FVCAIndustry statistics = by country of private equity firm
Independent317,1
Captive22,9
Public sector21,6M€
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Sectoral Distribution of Investments2009 (industry)
Source: PEREP Analytics, FVCAIndustry statistics = by country of private equity firm
4
12
16
8
5
7
26
26
21
52
94
79
0,5
3,5
4,4
5,7
6,0
13,0
13,9
15,7
17,7
28,9
30,0
222,1
0 50 100 150 200 250
Other
Business and industrial services
Consumer services: Other
Construction
Transportation
Chemicals and materials
Energy and environment
Communications
Consumer goods and retail
Life sciences
Computer and consumer electronics
Business and industrial products
M€
Nbr
Other = Financial Services, Real Estate, Agriculture, Unknown
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Divestments at Cost1996 – 2009 (industry)
Source: PEREP Analytics, FVCAIndustry statistics = by country of private equity firm
14 1656 62
99116 105
231262
299
399
648
143121
2 10 729 38 52
29 2543 45
15 13
0
100
200
300
400
500
600
700
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Divestments (M€)
Write-offs (M€)
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Divestments at Cost by Method2009 (industry)
Source: PEREP Analytics, FVCAIndustry statistics = by country of private equity firm
M€ 87,4 71,9 %
13,4 M€11,0 %
10,7 M€8,8 %
5,8 M€4,7 %
2,4 M€2,0 %
1,0 M€0,8 % 0,9 M€
0,7 % 121 M€2009
Divestment by Trade Sale
Divestment by Write-Of f
Sale to Management (MBO)
Sale to Another PE Player
Repayment of Principal Loans
Sale of Quoted Equity
Divestment by Other Means
Other (0)
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Investments2008 – 2009 (market)
Source: PEREP Analytics, FVCAMarket statistics = by country of portfolio company
Venture = Seed, Start-up, Later stage ventureBuyout = Growth, Buyout, Rescue/Turnaround, Replacement capital
136 87
493 568
320251
118 106
0
100
200
300
400
500
600
700
2008 2009
Venture (M€) Buyout (M€) Venture (Nbr) Buyout (Nbr)
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Quarterly InvestmentsQ1/2008 – Q4/2009 (market)
Source: PEREP Analytics, FVCA
Venture = Seed, Start-up, Later stage ventureBuyout = Growth, Buyout, Rescue/Turnaround, Replacement capital
Market statistics = by country of portfolio company
Quarter
M€ Nbr M€ Nbr
Q4/2009 28 80 50 31
Q3/2009 15 45 254 28
Q2/2009 19 53 42 26
Q1/2009 26 73 222 21
Q4/2008 48 107 92 22
Q3/2008 33 56 157 30
Q2/2008 35 95 171 35
Q1/2008 20 62 74 31
Venture Capital Buyout
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Investment Amounts by Investment Stage2009 (market)
Source: PEREP Analytics, FVCAMarket statistics = by country of portfolio company
Seed2 % Start-up
7 %Later Stage
Venture5 %
Growth7 %
Buyout39 %
Replacement Capital36 %
Rescue / Turnaround
4 %655 M€2009
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Number of Investments by Investment Stage2009 (market)
Source: PEREP Analytics, FVCAMarket statistics = by country of portfolio company
Seed22 %
Start-up37 %
Later Stage Venture
11 %
Growth8 %
Buyout11 %
Replacement Capital
6 %
Rescue / Turnaround
5 %Nbr 357
2009
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Sectoral Distribution of Investments2009 (market)
Source: PEREP Analytics, FVCAMarket statistics = by country of portfolio company
4
16
8
5
24
16
22
10
27
90
59
76
0,5
4,4
5,7
6,0
12,1
12,9
18,0
19,3
24,0
36,0
238,7
277,2
0 50 100 150 200 250 300
Other
Consumer services: Other
Construction
Transportation
Energy and environment
Business and industrial services
Consumer goods and retail
Chemicals and materials
Communications
Computer and consumer electronics
Life sciences
Business and industrial products
M€
Nbr
Other = Financial Services, Real Estate, Agriculture, Unknown
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Divestments at Cost2008 – 2009 (market)
Source: PEREP Analytics, FVCAMarket statistics = by country of portfolio company
340
126
8 12
0
50
100
150
200
250
300
350
400
2008 2009
Divestments (M€)Write-offs (M€)
T H E F I N N I S H V E N T U R E C A P I T A L A S S O C I A T I O N
Capital Under Management and Active Portfolio of the Finnish Private Equity Firms 2009
Source: PEREP Analytics, FVCA
31.12.2009
Capital Under Management 5,3 Mrd. €
Active Portfolio 2,5 Mrd. €